It has been reported recently that consumer confidence in the UK’s property market has increased, with more homeowners and investors expecting to see the value of their homes increase over the next six months.
With the turmoil that has been seen over recent years consumer confidence had been ebbing in this sector. However, a number of recent reports have indicated that the property market is slowly but surely gaining momentum.
Consumer confidence in the property market is said to have fallen to record lows at the end of last year. However, according to one property group, which carried out a survey called the Housing Market Sentiment Survey, confidence has been increasing over more recent months, with homeowners and investors having a much brighter outlook with regards to their properties.
At the end of last year just over 50 percent of homeowners expected property prices to increase. However, recent data reveals that this has now increased to around 60 percent.
There has also been an increase in optimism with regards to how many home owners expect their property prices to increase by over the coming six months. Officials have said that the arrival of spring coupled with the increased confidence in the property market as a whole has led to an increase in the number of homeowners that are planning to carry out improvements to their homes over the next six months, with the figure increasing to 40 percent.
Many homeowners also believed that lending conditions were showing more signs of improvement, with 12 percent stating that they thought that the availability of mortgages now was better than it was three months ago.
One official involved in the research said: “Falling prices have created attractive buying opportunities and with continued low inventory of property on the market, home owners are increasingly expecting prices to rise in their local area. We still remain somewhat short of the confidence levels seen in early 2010 but there has been a clear improvement over the previous quarter.”